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|Contents|||Page|
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|Trustees
and advisors||||
|Trustees'
Report||||
|Independent
Examiner's||Report to the Trustees||
|Statement of Financial||Activities||
|Balance Sheet|||10|
|Notes and Accounting|Policies|||
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|||Notes|Restricted|Funds|Total|Restricted|Funds|Total|
|---|---|---|---|---|---|---|---|---|
||||Fund|General|2022|Fund|General|2021|
|Income from:|||||||||
|Donations
and legacies||||101,693|101,693||143,237|143,237|
|Charitable
activities||||8,715|8,715||17,375|17,375|
|Investments||3|16,165|10,764|26,929|17,113|8,484|25,597|
|Other||||595|595||583|583|
|Total income|||16,165|121,767|137,932|17,113|169,679|186,792|
|Expenditure
on:|||||||||
|Raising funds|||||||||
|Investment
managers||fees|6,589|10,596|17,185|5,717|9,704|15,421|
|Charitable
activities||5|179,129|186,603|365,732|141,017|190,393|331,410|
|Total expenditure|||185,718|197,199|382,917|146,734|200,097|346,831|
|Net gains/(losses)|on||||||||
|investments|||24,357|18,035|42,392|150,859|159,875|310,734|
|Transfers
between|funds||||||||
|Net (expenditure)/|income||||||||
|and net movement|in|funds|(145,196)|(57,397)|(202,593)|21,238|129,457|150,695|
|Reconciliation
offunds:|||||||||
|Total funds brought|forward||873,467|773,364|1,646,831|852,229|643,907|1,496,136|
|Total funds carried forward|||728,271|715,967|1,444,238|873,467|773,364|1,646,831|
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||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Notes|F|E|
|Fixed assets|||||||
|Tangible fixed assets|||||725|1,452|
|Investments|||||1,850,648|1,867,757|
||||||1,851,373|1,869,209|
|Current assets|||||||
|Debtors|||||10,200|20,316|
|Cash at bank and|in hand||||172,680|237,066|
||||||182,880|257,382|
|Creditors - Amounts||falling due|||||
|within one year|||||||
|Other creditors||||10|51,749|91,022|
|Amount
due to subsidiary|||company|10|2,000|2,000|
||||||53,749|93,022|
|Net current assetsl(liabilities)|||||129,131|164,360|
|Total assets less|current||liabilties||1,980,504|2,033,569|
|Creditors - Amounts||falling due|||||
|after more than|one year||||||
|Other creditors||||10|33333||
|Provisions for liabilities||||16|502,933|386,738|
|Total net assets|||||1,444,238|1,646,831|
|Funds|||||||
|Unrestricted
funds|||||715,967|773,364|
|Restricted
fund|||||728,271|873,467|
|||||12|1,444,238|1,646,831|
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||During the year the charity also paid|for Trustees
Indemnity
insur|ance.||
|---|---|---|---|---|
|3|Investment
Income||2022|2021|
||UK investments
listed on recognised|stock exchange|26,929|25,597|
|The aggregate
ofthe assets, liabilities
and f|unds of EBCTrading
Limited was:||
|---|---|---|
||2022|2021|
|Assets|2,000|2,000|
|Liabilities|||
|Funds|2,000|2,000|
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|Ye|ar Ended|31 May 2|02|2|||||
|---|---|---|---|---|---|---|---|---|
|5|Charitable|Activities|||Activities||||
|||||Undertaken||Support|Total|Total|
||||||Directly|Costs|2022|2021|
||Promotion|of cooperation||and|||||
||exchange|of ideas|||21,778|619|22,397|31,439|
||Support of|visitations|by the||||||
||Abbot President||||25,727|731|26,458|44,450|
||Education|and training|of members||||||
||ofthe congregation||||114,136|3,242|117,378|42,593|
||Contribution|to care costs offormer|||||||
||Fort Augustus
monks||||||||
||Abbot President
and Secretariat expenses||||8,455|240|8,695|16,077|
||Expenses|ofofficials|||1,610|46|1,656|359|
||Legal and|professional|fees|||189,148|189,148|196,492|
||||||171,706|194,026|365,732|331,410|
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|Support co|sts (including|gover|nance
costs)|comprise:|||
|---|---|---|---|---|---|---|
||||||2022|2021|
|Legal and professional||costs|||189,148|196,492|
|Independent|examiners|fees|- independent|examination|1,000|1,000|
||||- other||5,840|6,200|
|Procurator|in curia||||1,044|3,211|
|Exchange (gains)/losses|||||(7,456)|26,247|
|Praesidium|||||4,450|19,942|
|Rescripts||||||469|
|Consultancy|fees|||||7,929|
||||||194,026|261,490|
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|Fixed Assets - Tangible|||
|---|---|---|
||Office||
||Equipment|Total|
|Cost|||
|At 1 June 2021|19,274|19,274|
|Addition|||
|At 31 May 2022|19,274|19,274|
|Depreciation|||
|At 1 June 2021|17,822|17,822|
|Charge for year|727|727|
|At 31 May 2022|18,549|18,549|
|Net book value|||
|At 31 May 2022|725|725|
|At 31 May 2021|1,452|1,452|
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|Ye|ar Ended 31 May 202|2||||
|---|---|---|---|---|---|
|8|Investments|||||
|||||2022|2021|
||Listed on a recognised|stock exchange:||||
||Market value of portfolio at start of year|||1,801,819|1,551,655|
||Transfers
(to)/ from cash|||(38,132)|(2,297)|
||Net investment/(withdrawals)|made|in the year|(59,501)|(58,273)|
||Realised and unrealised|gains/(losses)||||
||on investments|||42,392|310,734|
||Market value at end ofyear|||1,746,578|1,801,819|
||UK cash held as part ofthe Investment|||||
||Portfolio:|||||
||Balance at start of year|||63,938|61,641|
||Transfer from/(to)
listed investments|||38,132|2,297|
||Balance at end ofyear|||102,070|63,938|
||Investment
in subsidiary|undertaking:||||
||Balance at 1 June 2021 and 31 May 2022|||2,000|2,000|
|||||1,850,648|1,867,757|
||Historical cost of listed|investments||||
||at end ofyear|||1,645,165|1,612,474|
|9|Debtors|||||
|||||2022|2021|
||Amounts
due within one year:|||||
||Accrued income|||2,253|17,735|
||Prepayments|||7,947|2,581|
|||||10,200|20,316|
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|Creditors|||||
|---|---|---|---|---|
||||2022|2021|
||||E|E|
|Amounts|falling due|within one year:|||
|Accruals|||18,416|91,022|
|Due to EBCTrading||Limited|2,000|2,000|
|Grant payable|||33,333||
||||53,749|93,022|
|Amounts|falling due|after more than one year:|||
|Grant payable|||33,333||
||||33,333||
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|nalysis o|ffunds|||||||
|---|---|---|---|---|---|---|---|
|||Balance||||Gains &|Funds|
|||b/fwd|Income|Expenditure|Transfers|(Losses)|c/fwd|
|Analysis of Fund movements||||||||
|—current year||||||||
|Restricted|fund|873,467|16,165|(185,718)||24,357|728,271|
|Unrestricted|fund:|||||||
|Capital||300,000|4,115||(11,111)|6,996|300,000|
|General||473,364|117,652|(197,199)|11,111|11,039|415,967|
|Total||1,646,831|137,932|(382,917)||42,392|1,444,238|
|Analysis of Fund movements||||||||
|—previous|year|||||||
|Restricted|fund|852,229|17,113|(146,734)||150,859|873,467|
|Unrestricted|fund:|||||||
|Capital||300,000|3,474||(77,961)|74,487|300,000|
|General||343,907|166,205|(200,097)|77,961|85,388|473,364|
|Total||1,496,136|186,792|(346,831)||310,734|1,646,831|
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|Analysis|of|Net Assets Betwee|n Funds —current y|ear||||
|---|---|---|---|---|---|---|---|
||||Restricted||Unrestricted|funds|Total|
||||Funds||Capital|General|2022|
|Tangible|fixed assets|||||725|725|
|Investments|||858,310||300,000|692,338|1,850,648|
|Current|assets||381,453|||(198,573)|182,880|
|Current|liabilities||(8,559)|||(45,190)|(53,749)|
|Non-current||liabilties||||(33,333)|(33,333)|
|Provisions|||(502,933)||||(502,933)|
||||728,271||300,000|415,967|1,444,238|
|Analysis|of|Net Assets Between Funds —previous||year||||
||||Restricted||Unrestricted|funds|Total|
||||Funds||Capital|General|2021|
|Tangible|fixed assets|||||1,452|1,452|
|Investments|||884,569||300,000|683,188|1,867,757|
|Current|assets||384,454|||(127,072)|257,382|
|Current|liabilities||(8,818)|||(84,204)|(93,022)|
|Provisions|||(386,738)||||(386,738)|
||||873,467||300,000|473,364|1,646,831|
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||||2022|2021|
|---|---|---|---|---|
|Provision|at 1 June|2021|386,738|290,000|
|Provision|utilised
in|the year|||
|Additional|provision|in the year|116,195|96,738|
|Provision|at 31 May|2022|502,933|386,738|
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|Year Ended 31 May|20|22|||||||
|---|---|---|---|---|---|---|---|---|
|||||||2022||2021|
|Income|||||||||
|Donations and legacies|||||||||
|Donations|||||374||||
|Legacy (mineral
rights)|||||101,319||143,237||
|||||||101,693||143,237|
|Charitable
Activities|||||||||
|Contributions
from EBC Houses|||||||8,076||
|Year Book and Ordo|||||7,835||9,299||
|Visitation|||||880|8,715||17,375|
|Investments|||||||||
|Equity and gilt income receivable
Bank interest receivable|||||26,774
155||25,216
381||
|||||||26,929||25,597|
|Other:|||||||||
|Royalties
Sundry income|||||206
389|595|169
414|583|
|Total income||||||137,932||186,792|
|Expenditure
Costs ofraising funds:|||||||||
|Investment
managers
fees||||||17,185||15,421|
|Charitable
activities:|||||||||
|Office costs —Douai
Printing,
postage, stationery||and computer||||6,650
2,013||5,600
3,229|
|Education
and training
ofcongregation
members
expenses
Commission
expenses —continuing
formation
Commission
expenses —Abbots' conference
Fort Augustus
costs —incurred
in year
Fort Augustus —increase
in provision||||||13,908
1,017
63,402
116,195||12,151
6,989
3,048
44,279
96,738|
|Insurance||||||555||360|
|Subscriptions
General Chapter expenses
General Chapter Preparation||Group||||4,654
2,964
10,102||4,512
1,515|
|Visitation expenses
Motor and travel —Abbot|President|||||3,040
23,681||229
14,616|
|—Inspector||of|Accounts|||179||157|
|Miscellaneous
expenses||||||229||173|
|Exchange rate difference
Professional fees||||||(7,456)
10,774||26,247
55,475|
|Consultancy||||||||7,929|
|Accountancy
fees||||||6,840||7,200|
|Procurator
in Curia||||||1,044||3,211|
|Praesidium||||||4,451||19,942|
|Holme Eden expenses
Depreciation||||||95
727||4,815|
|Monks and Nuns support
Telephone:
Abbot President
T4CG Grant||||||669||450
2,795
9,750|
|RLSS Grant||||||99,999|||
|||||||365,732||331,410|
|Total expenditure|||382,917|346,831|
|---|---|---|---|---|
|Gains/(Losses)
on revaluation||and disposal of investments|42,392|310,734|
|Net (Decrease)/Increase|in funds||(202,593)|150,695|